MaxCyte (MXCT) 10-K 12 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 05, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-40674
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address State Or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	944-1700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MXCT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	CohnReznick LLP
Auditor Firm ID	596
Auditor Location	Tysons, Virginia
Entity Shell Company	false
Entity Public Float			$ 467.5
Entity Common Stock, Shares Outstanding		104,128,650
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 46,506	$ 11,065
Short-term investments, at amortized cost	121,782	216,275
Accounts receivable, net	5,778	11,175
Accounts receivable - TIA (Note 8)		1,912
Inventory	12,229	8,581
Prepaid expenses and other current assets	3,899	3,258
Total current assets	190,194	252,266
Investments, non-current, at amortized cost	42,938
Property and equipment, net	23,513	23,725
Right-of-use asset - operating leases	11,241	9,853
Other assets	388	809
Total assets	268,274	286,653
Current liabilities:
Accounts payable	743	292
Accrued expenses and other	11,269	8,265
Operating lease liability, current	774	157
Deferred revenue, current portion	5,069	6,713
Total current liabilities	17,855	15,427
Operating lease liability, net of current portion	17,969	15,938
Other liabilities	283	1,320
Total liabilities	36,107	32,685
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at December 31, 2023 and December 31, 2022
Common stock, $0.01 par value; 400,000,000 shares authorized, 103,961,670 and 102,397,913 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1,040	1,024
Additional paid-in capital	406,925	390,819
Accumulated deficit	(175,798)	(137,875)
Total stockholders' equity	232,167	253,968
Total liabilities and stockholders' equity	$ 268,274	$ 286,653

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	103,961,670	102,397,913
Common stock, outstanding (in shares)	103,961,670	102,397,913

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
Revenue	$ 41,288	$ 44,261
Cost of goods sold	4,742	5,098
Gross profit	36,546	39,163
Operating expenses:
Research and development	23,817	19,514
Sales and marketing	26,975	18,653
General and administrative	30,068	25,829
Depreciation and amortization	3,985	2,528
Total operating expenses	84,845	66,524
Operating loss	(48,299)	(27,361)
Other income and expense:
Other expense		(127)
Interest income	10,376	3,917
Total other income	10,376	3,790
Provision for income taxes
Net loss	$ (37,923)	$ (23,571)
Basic net loss per share	$ (0.37)	$ (0.23)
Diluted net loss per share	$ (0.37)	$ (0.23)
Weighted average shares outstanding, basic	103,268,502	101,702,664
Weighted average shares outstanding, diluted	103,268,502	101,702,664

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2021	$ 1,012	$ 376,191	$ (114,304)	$ 262,899
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		11,752		11,752
Exercise of stock options	$ 12	2,876		$ 2,888
Exercise of stock options, shares	1,195,208			1,195,208
Net Income (Loss)			(23,571)	$ (23,571)
Balances, at end of period at Dec. 31, 2022	$ 1,024	390,819	(137,875)	253,968
Balances, at end of period, Shares at Dec. 31, 2022	102,397,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan	$ 1	268		$ 269
Issuance of common stock under employee stock purchase plan, shares	82,423			82,423
Stock-based compensation expense		13,979		$ 13,979
Vesting of restricted stock units	$ 3	(3)
Vesting of restricted stock units, shares	288,550
Exercise of stock options	$ 12	1,862		$ 1,874
Exercise of stock options, shares	1,192,784			1,192,784
Net Income (Loss)			(37,923)	$ (37,923)
Balances, at end of period at Dec. 31, 2023	$ 1,040	$ 406,925	$ (175,798)	$ 232,167
Balances, at end of period, Shares at Dec. 31, 2023	103,961,670

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (37,923)	$ (23,571)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,171	2,698
Non-cash lease expense	395	767
Net book value of consigned equipment sold	94	76
Loss on disposal of fixed assets	30	139
Stock-based compensation	13,979	11,752
Bad debt expense	171
Change in excess/obsolete inventory reserve	697
Amortization of discounts on investments	(7,120)	(2,667)
Changes in operating assets and liabilities:
Accounts receivable	5,226	(4,569)
Accounts receivable - TIA	1,912	(1,912)
Inventory	(4,534)	(3,493)
Prepaid expense and other current assets	(641)	320
Other assets	421	(492)
Accounts payable, accrued expenses and other	3,252	(150)
Operating lease liability	(133)	5,482
Deferred revenue	(1,644)	(34)
Other liabilities	(39)	871
Net cash used in operating activities	(21,686)	(14,783)
Cash flows from investing activities:
Purchases of short-term investments	(255,095)	(290,942)
Maturities of short-term investments	313,770	284,596
Purchases of property and equipment	(3,700)	(18,477)
Proceeds from sale of equipment	9
Net cash provided by investing activities	54,984	(24,823)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,874	2,888
Proceeds from issuance of common stock under employee stock purchase plan	269
Net cash provided by financing activities	2,143	2,888
Net increase (decrease) in cash and cash equivalents	35,441	(36,718)
Cash and cash equivalents, beginning of year	11,065	47,783
Cash and cash equivalents, end of year	46,506	11,065
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued expenses	566	363
Lease liability reduction due to operating lease modification and early termination		540
Right-of-use assets obtained in exchange for lease liabilities	$ 1,782	$ 5,476

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the state of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized and EntreMed was no longer deemed to control the Company. MaxCyte is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. MaxCyte leverages its proprietary cell engineering technology platform to enable the programs of its biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene editing and immuno-oncology, as well as in drug and biologic discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology and sells its consumables to developers of cell therapies and to pharmaceutical and biotechnology companies for use in drug and biologic discovery and development and biomanufacturing. The Company’s registration statement on Form S-1 related to its initial public offering of common stock in the United States (the “IPO”) was declared effective on July 29, 2021, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 30, 2021. On August 3, 2021, the Company issued and sold 15,525,000 shares of common stock in the IPO at a price to the public of $13.00 per share, inclusive of 2,025,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The IPO generated gross proceeds to the Company of $201,825. The Company received aggregate net proceeds of $184,268 from the IPO after deducting aggregate underwriting commissions and offering costs of $17,557.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, revenue recognition, stock-based compensation, allowance for credit losses, allowance for inventory obsolescence, accruals for contingent liabilities, deferred taxes and valuation allowance, and the depreciable lives of fixed assets. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit. ​ ​ Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments and trade receivables. The Company’s cash and cash equivalents balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk. The Company invests its excess cash in money market funds, commercial paper and corporate debt. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the end of a reporting period. During the years ended December 31, 2023 and 2022, one customer represented 30% and 23% of revenue, respectively. As of December 31, 2023, of accounts receivable. As of December 31, 2022, Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. Of the inventory on hand at December 31, 2023 and 2022, the Company purchased approximately 56% and 34%, respectively, from a single supplier. At December 31, 2023, no supplier accounted for 10% or more of the Company’s total accounts payable. At December 31, 2022, amounts payable to Foreign Currency The Company’s functional currency is the US Dollar. Transactions denominated in foreign currencies are transacted at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in foreign currency is consummated and the date on which it is either settled or at the reporting date are recognized in the consolidated statements of operations as general and administrative expense. For the years ended December 31, 2023 and 2022, the Company recognized $84 and $79 in foreign currency transaction loss, respectively. Fair Value Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: ● Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. ● Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 6 for additional information regarding fair value. Cash and Cash Equivalents and Investments Cash and cash equivalents consist of financial instruments including money market funds and commercial paper with original maturities of less than 90 days. Short-term investments consist of commercial paper, corporate bonds and U.S. Treasury securities and government agency bonds with original maturities greater than 90 days and less than one year. Long-term investments consist of U.S. Treasury securities and government agency bonds with maturities greater than one year. All money market funds and investments are recorded at amortized cost unless they are deemed to be impaired on an other-than-temporary basis, at which time they are recorded at fair value using Level 2 inputs and there were no changes from Level 2 for the years ended December 31, 2023 and 2022, respectively. Inventory The Company sells or licenses products to customers. The Company uses the average cost method of accounting for its inventory and adjustments resulting from periodic physical inventory counts are reflected in costs of goods sold in the period of the adjustment. Inventory is carried at the lower of cost or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of goods sold and establish a new cost basis for the inventory. ​ Accounts Receivable Accounts receivable are reduced by an allowance for expected credit losses if needed. The allowance for expected credit losses reflects the best estimate of probable losses determined principally on the basis of historical experience and specific allowances for known troubled accounts. All accounts or portions thereof that are deemed to be uncollectible or to require an excessive collection cost are written off to the allowance for expected credit losses. The Company recorded an allowance for expected credit losses of $130 at December 31, 2023. The Company determined no allowance was necessary at December 31, 2022. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Office equipment (principally computers) is depreciated over an estimated useful life of three years. Laboratory equipment is depreciated over an estimated useful life of five years. Furniture is depreciated over a useful life of five Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expenses as appropriate. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company recognized no impairment for the years ended December 31, 2023 or 2022. Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. In some arrangements, product and services have been sold together representing distinct performance obligations. In such arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. The Company recognizes revenue upon the satisfaction of its performance obligation (generally upon transfer of control of promised goods or services to its customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided. Cost of Goods Sold Cost of goods sold primarily consists of costs for raw material parts, contract manufacturer costs, salaries, overhead, leased equipment depreciation and other direct costs related to sales recognized as revenue in the period. Research and Development Costs Research and development costs consist of independent proprietary research and development costs and the costs associated with work performed for fees from third parties. Research and development costs are expensed as incurred. Research costs performed for fees paid by customers are included in cost of goods sold. Stock-Based Compensation Expense Stock-based compensation expense is measured based on grant-date fair value. The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of the award is recognized as expense on a straight-line basis over the requisite service period. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market for the fair value of equity awards. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes option pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the expected volatility, expected dividend yield, risk-free rate of interest and the expected life of the award. Historically, the Company exclusively used identified comparable companies’ stock price volatility to calculate expected volatility for the periods presented due to lack of history with its own common stock available to determine its volatility. Beginning with the third quarter of 2022, the Company has observed sufficient historical information regarding its common stock to use the Company’s common stock for the estimate of volatility in the Black-Scholes option pricing model. Management’s methodology for developing other assumptions has not changed from prior periods. A discussion of management’s methodology for developing each of the assumptions used in the Black-Scholes option pricing model is as follows: Expected Volatility Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. For the first two quarters of 2022, the Company identified several public entities of similar size, complexity and stage of development to calculate historical volatility using the volatility of these companies. Beginning with the third quarter of 2022, the Company estimates its expected stock volatility based on historical volatility of its own common stock. Expected Dividend Yield The Company has never declared or paid common stock dividends and has no plans to do so in the foreseeable future. Therefore, the Company used an expected dividend yield of zero. Risk-Free Interest Rate This approximates the US Treasury rate for the day of each option grant during the year, having a term that closely resembles the expected term of the option. For the Employee Stock Purchase Plan (“ESPP”), the US Treasury rate on each Offering Date is used for a term that approximates the Purchase Period. Expected Term This is the period that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company estimates the expected term of the options to be approximately six years period, using the simplified method. Over time, management intends to track estimates of the expected term of the option term so that estimates will approximate actual behavior for similar options. For the ESPP, the term of each Offering Period is used. Expected Forfeiture Rate The Company records forfeitures as they occur. The fair value of stock options was estimated using the Black-Scholes option-pricing model based on the following assumptions during the years ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2023 ​ 2022 ​ Expected volatility ​ 44-56% ​ 44-58% ​ Risk-free interest rate ​ 3.3-4.6% ​ 1.9-4.0% ​ Expected term (in years) ​ 4-6 ​ 6 ​ ​ The fair value of the shares under the ESPP was estimated using the Black-Scholes option-pricing model based on the following assumptions during the year ended: ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2023 Expected volatility ​ 57-60% Risk-free interest rate ​ 5.36-5.43% Expected term (in years) ​ 0.5 ​ See Note 4 for additional information regarding stock-based compensation. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more-likely-than-not that all or a portion of the deferred tax asset will not be realized. Management uses a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties and financial statement reporting disclosures. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The Company has not identified any uncertain income tax positions that could have a material impact on the consolidated financial statements. The Company is subject to taxation in various jurisdictions in the United States and abroad and remains subject to examination by taxing jurisdictions for 2020 and all subsequent periods. The Company has a federal Net Operating Loss (“NOL”) carryforward of approximately $88.9 million as of December 31, 2023, of which approximately $32.7 million begins to expire in 2025. Certain of the Company’s NOLs were initially limited on an annual basis pursuant to Section 382 of the Internal Revenue Code of 1986 (“Section 382”), as amended, as a result of a cumulative change in ownership that occurred in 2016; however, as of December 31, 2023, the Company has determined that the cumulative limitation amount exceeds the NOLs subject to the limitation and, as a result, no annual limitation remains. Leases Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. In transactions where the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections for leases where it is the lessee whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. See Note 8 for additional details about leases where the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details about revenue recognition related to lease agreements. Comprehensive Loss For the years ended December 31, 2023 and 2022, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements. Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares, consisting of stock options and restricted stock units excluded from the computation of diluted loss per share, was 16.7 million and 15.0 million for the years ended December 31, 2023 and 2022, respectively. Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company adopted this new accounting pronouncement effective January 1, 2023 and the adoption did not have a material impact on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	3. Revenue Revenue is principally from the sale of instruments and processing assemblies, and extended warranties and the lease of instruments, which lease agreements also include customer-specific milestone payments. In some arrangements, product and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and processing assemblies is generally recognized at the time of shipment to the customer, provided no significant vendor obligations remain and collectability is reasonably assured. Revenue from equipment leases is recognized ratably over the contractual term of the lease agreement and when specific milestones are achieved by a customer. Licensing fee revenue is recognized ratably over the license period. Revenue from fees for research services is recognized when services have been provided. Disaggregated revenue for the year ended December 31, 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ Contracts with ​ from Lease ​ Total ​ ​ Customers Elements Revenue Product sales ​ $ 18,600 ​ $ — ​ $ 18,600 Lease elements ​ — ​ 21,791 ​ 21,791 Other ​ 897 ​ — ​ 897 Total ​ $ 19,497 ​ $ 21,791 ​ $ 41,288 ​ Disaggregated revenue for the year ended December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ Contracts with ​ from Lease ​ Total ​ ​ Customers Elements Revenue Product sales ​ $ 27,730 ​ $ — ​ $ 27,730 Lease elements ​ — ​ 15,513 ​ 15,513 Other ​ 1,018 ​ — ​ 1,018 Total ​ $ 28,748 ​ $ 15,513 ​ $ 44,261 ​ ​ Additional disclosures relating to Revenue from Contracts with Customers Changes in deferred revenue for the years ended December 31, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ Balance at January 1 $ 7,036 ​ $ 7,197 ​ Revenue recognized in the current period from amounts included in the beginning balance ​ (6,507) ​ (6,738) ​ Current period deferrals, net of amounts recognized in the current period ​ 4,823 ​ 6,577 ​ Balance at December 31 ​ $ 5,352 ​ $ 7,036 ​ ​ ​ Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year was $368 at December 31, 2023, of which the Company expects to recognize $85 in 2024 2025 2026 2027 thereafter In the years ended December 31, 2023 and 2022, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfil contracts.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity
Stockholders' Equity	4. Stockholders’ Equity Common Stock During the year ended December 31, 2023, the Company issued 1,192,784 shares of common stock resulting from stock option exercises, receiving gross proceeds of $1,874 and issued 288,550 shares from the vesting of restricted stock units, and issued 82,423 shares to employees pursuant to the Employee Stock Purchase Plan (“ESPP”), receiving gross proceeds of $269. During the year ended December 31, 2022, the Company issued 1,195,208 shares of common stock as a result of stock option exercises, receiving gross proceeds of $2,888. Preferred Stock The Company’s certificate of incorporation authorizes 5,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2023 and 2022, no shares of preferred stock were issued or outstanding. Stock Incentive Plans The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “2016 Plan”) in January 2016 to provide for the awarding of (i) stock options, (ii) restricted stock, (iii) incentive shares, and (iv) performance awards to employees, officers, and directors of the Company and to other individuals as determined by the board of directors. In December 2021, the Company adopted the MaxCyte, Inc. 2021 Inducement Plan (the “Inducement Plan”) to provide for the awarding of (i) non-qualified stock options; (ii) stock appreciation rights; (iii) restricted stock awards; (iv) restricted stock unit awards; (v) performance awards; and (vi) other awards only to persons eligible to receive grants of awards who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM 5635-1. The board of directors reserved 2,500,000 shares for issuance under the Inducement Plan. As of December 31, 2023, options to purchase 818,400 shares remain outstanding under the Inducement Plan. In May 2022, the Company’s board of directors adopted, and in June 2022 the Company’s stockholders approved, the MaxCyte, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) to provide for the awarding of (i) incentive stock options, (ii) non-qualified stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, (vi) performance awards, and (vii) other awards. Following the approval of the 2022 Plan, no additional awards can be granted under the 2016 Plan or the Inducement Plan, but all outstanding awards will continue to remain subject to the terms of the applicable plan. Upon the effectiveness of the 2022 Plan, a total of 3,692,397 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,764,397 shares previously available under the 2016 Plan. If and to the extent that outstanding options under the 2016 Plan or the Inducement Plan are forfeited, the shares underlying such forfeited options will become available for issuance under the 2022 Plan. Stock Option Activity A summary of stock option activity for the years ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ Number of ​ Average ​ Contractual Life ​ Aggregate ​ ​ Options ​ Exercise Price ​ (in years) ​ Intrinsic Value Outstanding at January 1, 2022 12,433,739 ​ $ 6.03 ​ 7.5 ​ $ 66,547 Granted 4,408,400 ​ $ 6.45 ​ Exercised (1,195,208) ​ $ 2.38 ​ $ 4,163 Forfeited (1,285,839) ​ $ 7.31 ​ Outstanding at December 31, 2022 14,361,092 ​ $ 5.94 7.2 ​ $ 23,825 Granted 2,713,395 ​ $ 4.36 ​ Exercised (1,192,784) ​ $ 1.58 ​ $ 4,106 Forfeited (460,390) ​ $ 9.18 ​ Expired ​ (3,327) ​ $ 6.46 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 15,417,986 ​ $ 5.90 6.9 ​ $ 15,854 Exercisable at December 31, 2023 9,638,499 ​ $ 5.42 5.9 ​ $ 14,511 ​ The weighted-average fair value of the options granted during the years ended December 31, 2023 and 2022 was estimated to be $2.05 and $3.48, respectively. The value of a stock option is recognized as expense on a straight-line basis over the requisite service period. As of December 31, 2023, total unrecognized compensation expense for outstanding stock options was $18,931, which will be recognized over the next 2.0 years. Restricted Stock Unit Activity During the years ended December 31, 2023 and 2022, the Company issued restricted stock unit awards (“RSUs”) under the 2022 Plan. Each RSU represents the contingent right to receive one share of common stock. A summary of RSU activity for the years ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ Number of ​ Average ​ Contractual Life ​ ​ ​ RSUs ​ Grant Date Fair Value ​ (in years) ​ Outstanding at January 1, 2022 ​ — ​ $ — ​ ​ ​ Granted ​ 662,900 ​ $ 5.56 ​ ​ ​ Forfeited ​ (19,300) ​ $ 5.39 ​ ​ ​ Outstanding at December 31, 2022 ​ 643,600 ​ $ 5.57 ​ 3.2 ​ Granted ​ 1,043,150 ​ $ 4.21 ​ ​ ​ Vested and released ​ (288,550) ​ $ 5.48 ​ ​ ​ Forfeited ​ (102,020) ​ $ 4.70 ​ ​ ​ Outstanding at December 31, 2023 ​ 1,296,180 ​ $ 4.57 ​ 2.8 ​ ​ The value of an RSU is recognized as expense on a straight-line basis over the requisite service period. As of December 31, 2023, total unrecognized compensation expense for outstanding RSUs was $4,589, which will be recognized over the next 2.8 years. Employee Stock Purchase Plan The Company commenced the initial offering (the “Initial Offering”) under the MaxCyte, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long (the “Purchase Period”). The ESPP allows eligible employees to purchase a number of shares of the Company’s Common Stock up to a maximum of 15% of the employee’s earnings during the Purchase Period subject to certain limitations. The purchase price will be the lesser of 85% of the fair market value of shares on the beginning of each Purchase Period or on the Purchase Date (i.e., the last day of the Purchase Period). Participants may decrease their contribution level or withdraw from the ESPP at any time during the Purchase Period subject to certain conditions. The first purchase period began on May 19, 2023 and ended on November 17, 2023. The second purchase period began on November 20, 2023. For the year ended December 31, 2023, the Company recognized in compensation cost related to the ESPP. Stock-based Compensation Expense Stock-based compensation expense recognized in connection with stock options, RSUs and the ESPP for the years ended December 31, 2023 and 2022 was classified as follows on the consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 General and administrative ​ $ 6,114 ​ $ 5,621 Sales and marketing ​ 3,252 ​ 2,517 Research and development ​ 4,613 ​ 3,614 Total ​ $ 13,979 ​ $ 11,752 ​

Consolidated Balance Sheet Comp

Consolidated Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Consolidated Balance Sheet Components
Consolidated Balance Sheet Components	5. Consolidated Balance Sheet Components Inventory The following tables show the components of inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Raw materials inventory ​ $ 5,694 ​ $ 5,651 ​ Finished goods inventory ​ 5,977 ​ 2,930 ​ Work in progress ​ ​ 558 ​ ​ — ​ Total inventory ​ $ 12,229 ​ $ 8,581 ​ ​ ​ The Company reserved in an allowance at December 31, 2023. The Company determined ​ Property and Equipment, Net Property and equipment, net comprised the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Leasehold improvements ​ $ 14,654 ​ $ 14,196 ​ Furniture and equipment ​ ​ 12,288 ​ ​ 9,516 ​ Internal-use software ​ 4,106 ​ 3,221 ​ Instruments ​ 2,441 ​ 2,440 ​ Construction in process ​ 310 ​ 627 ​ Accumulated depreciation and amortization ​ (10,286) ​ (6,275) ​ Property and equipment, net ​ $ 23,513 ​ $ 23,725 ​ ​ For the years ended December 31, 2023 and 2022, the Company transferred $189 and $265, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the years ended December 31, 2023 and 2022, the Company incurred depreciation and amortization expense of $4,171 and $2,698, respectively. Maintenance and repairs are charged to expense as incurred.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
Fair Value
Fair Value	6. Fair Value The Company’s consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, short-term investments, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2023 or 2022. ​ Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Money market funds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No such fair value impairment was recognized during the years ended December 31, 2023 or 2022. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 22,693 ​ $ — ​ $ — ​ $ 22,693 US Treasury securities and government agency bonds ​ Cash equivalents ​ ​ 20,986 ​ ​ 3 ​ ​ — ​ ​ 20,989 Commercial paper Short-term investments ​ 107,131 ​ ​ 100 ​ ​ (1) ​ 107,230 US Treasury securities and government agency bonds Short-term investments ​ 14,651 ​ ​ 28 ​ ​ (6) ​ 14,673 US Treasury securities and government agency bonds Long-term investments ​ 42,938 ​ ​ 282 ​ ​ (2) ​ 43,218 Total cash equivalents and short-term investments ​ $ 208,399 ​ $ 413 ​ $ (9) ​ $ 208,803 ​ The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 5,742 ​ $ — ​ $ — ​ $ 5,742 Commercial paper Short-term investments ​ 172,741 ​ 156 ​ (236) ​ 172,661 Corporate debt Short-term investments ​ 5,792 ​ — ​ (43) ​ 5,749 US Treasury securities and government agency bonds ​ Short‑term investments ​ ​ 37,742 ​ ​ 5 ​ ​ (196) ​ ​ 37,551 Total cash equivalents and short-term investments ​ $ 222,017 ​ $ 161 ​ $ (475) ​ $ 221,703 ​ Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized during the years ended December 31, 2023 or 2022.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	7. Income Taxes The Company’s provision (benefit) for income taxes in 2023 and 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 Current provision (benefit): ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ — ​ ​ — Total current provision ​ ​ — ​ ​ — Deferred tax provision (benefit): ​ ​ ​ ​ ​ ​ Federal ​ ​ (8,752) ​ ​ (2,581) State ​ ​ (3,542) ​ ​ (659) Change in valuation allowance ​ ​ 12,294 ​ ​ 3,240 Total deferred provision ​ ​ — ​ ​ — Total provision (benefit) for income taxes ​ $ — ​ $ — ​ The Company is required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. As of December 31, 2023 and 2022, the Company established a full valuation allowance against its net deferred tax assets. ​ Net deferred tax assets as of December 31, 2023 and 2022 are presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 22,472 ​ $ 22,298 Research and development credits ​ 8,144 ​ 3,733 Stock-based compensation ​ 9,158 ​ 5,649 Deferred revenue ​ 1,517 ​ 1,808 Lease liability ​ 5,313 ​ 4,135 Tenant incentive ​ ​ 1,528 ​ ​ 1,330 Accruals and other ​ 2,092 ​ 1,250 Deferred tax liabilities: ​ ​ ​ ROU asset ​ (3,187) ​ (2,532) Depreciation ​ (1,396) ​ (4,605) ​ ​ 45,641 ​ 33,066 Valuation allowance ​ (45,641) ​ (33,066) Net deferred tax assets ​ $ — ​ $ — ​ ​ The difference between the expected income tax provision (benefit) from applying the U.S. Federal statutory rate to pre-tax income (loss) and the actual income tax provision (benefit) for the years ended December 31, 2023 and 2022 relates primarily to the effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 2022 Federal income taxes (benefit) at statutory rates ​ $ (7,964) ​ $ (4,950) ​ State income taxes (benefit), net of Federal benefit ​ (2,901) ​ (968) ​ Excess tax benefits ​ (610) ​ (562) ​ Permanent differences, rate changes and other ​ (819) ​ 3,240 ​ Change in valuation allowance ​ 12,294 ​ 3,240 ​ Total Income Tax Expense ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On August 16, 2022, the U.S. Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) was signed into law. The Inflation Reduction Act includes, among other provisions, (i) a new corporate alternative minimum tax of 15 percent on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period, and (ii) a new excise tax of 1 percent on the fair market value of net corporate stock repurchases. The provisions of the Inflation Reduction Act are effective for tax years beginning after December 31, 2022. The Company does not expect the Inflation Reduction Act to have a material impact on its provision for income taxes. ​ The Tax Cuts and Jobs Act of 2017 (TCJA) amended IRC Section 174 to require capitalization of all research and developmental (“R&D”) costs incurred in tax years beginning after December 31, 2021. These costs are required to be amortized over five years if the R&D activities are performed in the United States or over 15 years if the activities were performed outside the United States. The Company capitalized approximately $19,204 and $15,433 of R&D expenses incurred during the years ended December 31, 2023 and 2022, respectively. ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Leases Operating Leases The Company was a party to various leases for office and laboratory and other space that were terminated in 2022. One portion of leased space was an operating lease (the “Original Headquarters Lease”), which was originally scheduled to expire in October 2023. The Original Headquarters Lease was early terminated as allowed for under the lease on June 9, 2022. The Company was also a sublessee of certain additional office, laboratory, and other space under several subleases (the “Original Headquarters Subleases”) that were originally scheduled to expire in October 2023, all of which were terminated as allowed for under the subleases on various dates between June and August 2022. A member of the Company’s board of directors is the Chief Executive Officer and a member of the board of directors of the sublandlord under the Original Headquarters Subleases, and the Company’s Chairman is also a member of the sublandlord’s board of directors. The Company’s rent payments to the sublandlord totaled $296 for the year ended December 31, 2022 In May 2021, the Company entered into a lease for its new headquarters (the “New Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The New Headquarters Lease consists of three phases, with Phase 1 having commenced in December 2021 and Phase 2 having commenced in the first quarter of 2022, and Phase 3 having commenced in November 2023. The current lease term for all phases will expire on August 31, 2035. The New Headquarters Lease agreement includes a landlord-provided tenant improvement allowance (“TIA”) of $6.3 million to offset the cost of construction of leasehold improvements. As of December 31, 2023, the Company had received all reimbursements from the TIA. Under the New Headquarters Lease, the Company has The initial monthly base rents for Phases 1, 2 and 3 are $66, $72 and $32 respectively, with such base rent increasing during the initial term by 3% annually on the anniversary of each Phase commencement date. The Company is obligated to pay its portion of real estate taxes and costs related to the lease premises, including costs of operations, maintenance, repair, replacement and management of the new leased premises. The total incremental non-cancellable lease payments under the New Headquarters Lease are approximately $29.6 million over the lease term. During the years ended December 31, 2023 and 2022, the Company paid The components of lease cost and balance sheet information for the Company’s lease portfolio were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 Operating lease cost ​ $ 1,620 ​ $ 1,624 Short-term lease cost ​ 39 ​ 47 Variable lease cost ​ 983 ​ 530 Total lease cost ​ $ 2,642 ​ $ 2,201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of December 31, ​ 2023 2022 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 11,241 ​ $ 9,853 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 774 ​ $ 157 Operating lease liabilities, net of current portion ​ 17,969 ​ 15,938 Total operating lease liabilities ​ $ 18,743 ​ $ 16,095 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 11.7 ​ ​ 12.7 Weighted-average incremental borrowing rate ​ ​ 7.0% ​ ​ 6.5% ​ As of December 31, 2023, maturities of lease liabilities were as follows: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ 2024 ​ $ 1,927 2025 ​ 2,171 2026 ​ ​ 2,225 2027 ​ ​ 2,281 2028 ​ ​ 2,338 2029 and thereafter ​ ​ 17,156 Total undiscounted lease payments ​ ​ 28,098 Discount factor ​ (9,355) Present value of lease liabilities ​ $ 18,743 ​ 401(k) Retirement Plan The Company sponsors a defined-contribution 401(k) retirement plan covering eligible employees. Participating employees may voluntarily contribute up to limits provided by the Internal Revenue Code of 1986, as amended. The Company matches employee contributions equal to 50% of the salary deferral contributions, with a maximum Company contribution of 5% of the employees’ eligible compensation. In the years ended December 31, 2023 and 2022, Company matching contributions amounted to $867 and $723 respectively. ​ Board Member Consulting Agreement ​ Effective January 1, 2024 the Company entered into a consulting agreement with a member of the Board of Directors to provide consulting services to the Company for a 12-month

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, revenue recognition, stock-based compensation, allowance for credit losses, allowance for inventory obsolescence, accruals for contingent liabilities, deferred taxes and valuation allowance, and the depreciable lives of fixed assets. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments and trade receivables. The Company’s cash and cash equivalents balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk. The Company invests its excess cash in money market funds, commercial paper and corporate debt. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the end of a reporting period. During the years ended December 31, 2023 and 2022, one customer represented 30% and 23% of revenue, respectively. As of December 31, 2023, of accounts receivable. As of December 31, 2022, Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. Of the inventory on hand at December 31, 2023 and 2022, the Company purchased approximately 56% and 34%, respectively, from a single supplier. At December 31, 2023, no supplier accounted for 10% or more of the Company’s total accounts payable. At December 31, 2022, amounts payable to
Foreign Currency	Foreign Currency The Company’s functional currency is the US Dollar. Transactions denominated in foreign currencies are transacted at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in foreign currency is consummated and the date on which it is either settled or at the reporting date are recognized in the consolidated statements of operations as general and administrative expense. For the years ended December 31, 2023 and 2022, the Company recognized $84 and $79 in foreign currency transaction loss, respectively.
Fair Value	Fair Value Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: ● Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. ● Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 6 for additional information regarding fair value.
Cash and Cash Equivalents and Investments	Cash and Cash Equivalents and Investments Cash and cash equivalents consist of financial instruments including money market funds and commercial paper with original maturities of less than 90 days. Short-term investments consist of commercial paper, corporate bonds and U.S. Treasury securities and government agency bonds with original maturities greater than 90 days and less than one year. Long-term investments consist of U.S. Treasury securities and government agency bonds with maturities greater than one year. All money market funds and investments are recorded at amortized cost unless they are deemed to be impaired on an other-than-temporary basis, at which time they are recorded at fair value using Level 2 inputs and there were no changes from Level 2 for the years ended December 31, 2023 and 2022, respectively.
Inventory	Inventory The Company sells or licenses products to customers. The Company uses the average cost method of accounting for its inventory and adjustments resulting from periodic physical inventory counts are reflected in costs of goods sold in the period of the adjustment. Inventory is carried at the lower of cost or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of goods sold and establish a new cost basis for the inventory. ​
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for expected credit losses if needed. The allowance for expected credit losses reflects the best estimate of probable losses determined principally on the basis of historical experience and specific allowances for known troubled accounts. All accounts or portions thereof that are deemed to be uncollectible or to require an excessive collection cost are written off to the allowance for expected credit losses. The Company recorded an allowance for expected credit losses of $130 at December 31, 2023. The Company determined no allowance was necessary at December 31, 2022.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Office equipment (principally computers) is depreciated over an estimated useful life of three years. Laboratory equipment is depreciated over an estimated useful life of five years. Furniture is depreciated over a useful life of five Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expenses as appropriate. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company recognized no impairment for the years ended December 31, 2023 or 2022.
Revenue Recognition	Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. In some arrangements, product and services have been sold together representing distinct performance obligations. In such arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. The Company recognizes revenue upon the satisfaction of its performance obligation (generally upon transfer of control of promised goods or services to its customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold primarily consists of costs for raw material parts, contract manufacturer costs, salaries, overhead, leased equipment depreciation and other direct costs related to sales recognized as revenue in the period.
Research and Development Costs	Research and Development Costs Research and development costs consist of independent proprietary research and development costs and the costs associated with work performed for fees from third parties. Research and development costs are expensed as incurred. Research costs performed for fees paid by customers are included in cost of goods sold.
Stock-Based Compensation Expense	Stock-Based Compensation Expense Stock-based compensation expense is measured based on grant-date fair value. The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of the award is recognized as expense on a straight-line basis over the requisite service period. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market for the fair value of equity awards. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes option pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the expected volatility, expected dividend yield, risk-free rate of interest and the expected life of the award. Historically, the Company exclusively used identified comparable companies’ stock price volatility to calculate expected volatility for the periods presented due to lack of history with its own common stock available to determine its volatility. Beginning with the third quarter of 2022, the Company has observed sufficient historical information regarding its common stock to use the Company’s common stock for the estimate of volatility in the Black-Scholes option pricing model. Management’s methodology for developing other assumptions has not changed from prior periods. A discussion of management’s methodology for developing each of the assumptions used in the Black-Scholes option pricing model is as follows: Expected Volatility Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. For the first two quarters of 2022, the Company identified several public entities of similar size, complexity and stage of development to calculate historical volatility using the volatility of these companies. Beginning with the third quarter of 2022, the Company estimates its expected stock volatility based on historical volatility of its own common stock. Expected Dividend Yield The Company has never declared or paid common stock dividends and has no plans to do so in the foreseeable future. Therefore, the Company used an expected dividend yield of zero. Risk-Free Interest Rate This approximates the US Treasury rate for the day of each option grant during the year, having a term that closely resembles the expected term of the option. For the Employee Stock Purchase Plan (“ESPP”), the US Treasury rate on each Offering Date is used for a term that approximates the Purchase Period. Expected Term This is the period that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company estimates the expected term of the options to be approximately six years period, using the simplified method. Over time, management intends to track estimates of the expected term of the option term so that estimates will approximate actual behavior for similar options. For the ESPP, the term of each Offering Period is used. Expected Forfeiture Rate The Company records forfeitures as they occur. The fair value of stock options was estimated using the Black-Scholes option-pricing model based on the following assumptions during the years ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2023 ​ 2022 ​ Expected volatility ​ 44-56% ​ 44-58% ​ Risk-free interest rate ​ 3.3-4.6% ​ 1.9-4.0% ​ Expected term (in years) ​ 4-6 ​ 6 ​ ​ The fair value of the shares under the ESPP was estimated using the Black-Scholes option-pricing model based on the following assumptions during the year ended: ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2023 Expected volatility ​ 57-60% Risk-free interest rate ​ 5.36-5.43% Expected term (in years) ​ 0.5 ​ See Note 4 for additional information regarding stock-based compensation.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more-likely-than-not that all or a portion of the deferred tax asset will not be realized. Management uses a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties and financial statement reporting disclosures. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The Company has not identified any uncertain income tax positions that could have a material impact on the consolidated financial statements. The Company is subject to taxation in various jurisdictions in the United States and abroad and remains subject to examination by taxing jurisdictions for 2020 and all subsequent periods. The Company has a federal Net Operating Loss (“NOL”) carryforward of approximately $88.9 million as of December 31, 2023, of which approximately $32.7 million begins to expire in 2025. Certain of the Company’s NOLs were initially limited on an annual basis pursuant to Section 382 of the Internal Revenue Code of 1986 (“Section 382”), as amended, as a result of a cumulative change in ownership that occurred in 2016; however, as of December 31, 2023, the Company has determined that the cumulative limitation amount exceeds the NOLs subject to the limitation and, as a result, no annual limitation remains.
Leases	Leases Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. In transactions where the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections for leases where it is the lessee whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. See Note 8 for additional details about leases where the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details about revenue recognition related to lease agreements.
Comprehensive Loss	Comprehensive Loss For the years ended December 31, 2023 and 2022, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements.
Loss Per Share	Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares, consisting of stock options and restricted stock units excluded from the computation of diluted loss per share, was 16.7 million and 15.0 million for the years ended December 31, 2023 and 2022, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company adopted this new accounting pronouncement effective January 1, 2023 and the adoption did not have a material impact on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of fair value of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2023 ​ 2022 ​ Expected volatility ​ 44-56% ​ 44-58% ​ Risk-free interest rate ​ 3.3-4.6% ​ 1.9-4.0% ​ Expected term (in years) ​ 4-6 ​ 6 ​
Schedule of table of valuation assumptions used in estimating the fair value of the ESPP	​ ​ ​ ​ ​ ​ December 31 ​ ​ 2023 Expected volatility ​ 57-60% Risk-free interest rate ​ 5.36-5.43% Expected term (in years) ​ 0.5

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Schedule of disaggregation of revenue	Disaggregated revenue for the year ended December 31, 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ Contracts with ​ from Lease ​ Total ​ ​ Customers Elements Revenue Product sales ​ $ 18,600 ​ $ — ​ $ 18,600 Lease elements ​ — ​ 21,791 ​ 21,791 Other ​ 897 ​ — ​ 897 Total ​ $ 19,497 ​ $ 21,791 ​ $ 41,288 ​ Disaggregated revenue for the year ended December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ Contracts with ​ from Lease ​ Total ​ ​ Customers Elements Revenue Product sales ​ $ 27,730 ​ $ — ​ $ 27,730 Lease elements ​ — ​ 15,513 ​ 15,513 Other ​ 1,018 ​ — ​ 1,018 Total ​ $ 28,748 ​ $ 15,513 ​ $ 44,261 ​
Schedule of changes in deferred revenue	Changes in deferred revenue for the years ended December 31, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ Balance at January 1 $ 7,036 ​ $ 7,197 ​ Revenue recognized in the current period from amounts included in the beginning balance ​ (6,507) ​ (6,738) ​ Current period deferrals, net of amounts recognized in the current period ​ 4,823 ​ 6,577 ​ Balance at December 31 ​ $ 5,352 ​ $ 7,036 ​ ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ Number of ​ Average ​ Contractual Life ​ Aggregate ​ ​ Options ​ Exercise Price ​ (in years) ​ Intrinsic Value Outstanding at January 1, 2022 12,433,739 ​ $ 6.03 ​ 7.5 ​ $ 66,547 Granted 4,408,400 ​ $ 6.45 ​ Exercised (1,195,208) ​ $ 2.38 ​ $ 4,163 Forfeited (1,285,839) ​ $ 7.31 ​ Outstanding at December 31, 2022 14,361,092 ​ $ 5.94 7.2 ​ $ 23,825 Granted 2,713,395 ​ $ 4.36 ​ Exercised (1,192,784) ​ $ 1.58 ​ $ 4,106 Forfeited (460,390) ​ $ 9.18 ​ Expired ​ (3,327) ​ $ 6.46 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 15,417,986 ​ $ 5.90 6.9 ​ $ 15,854 Exercisable at December 31, 2023 9,638,499 ​ $ 5.42 5.9 ​ $ 14,511
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ Number of ​ Average ​ Contractual Life ​ ​ ​ RSUs ​ Grant Date Fair Value ​ (in years) ​ Outstanding at January 1, 2022 ​ — ​ $ — ​ ​ ​ Granted ​ 662,900 ​ $ 5.56 ​ ​ ​ Forfeited ​ (19,300) ​ $ 5.39 ​ ​ ​ Outstanding at December 31, 2022 ​ 643,600 ​ $ 5.57 ​ 3.2 ​ Granted ​ 1,043,150 ​ $ 4.21 ​ ​ ​ Vested and released ​ (288,550) ​ $ 5.48 ​ ​ ​ Forfeited ​ (102,020) ​ $ 4.70 ​ ​ ​ Outstanding at December 31, 2023 ​ 1,296,180 ​ $ 4.57 ​ 2.8 ​
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 General and administrative ​ $ 6,114 ​ $ 5,621 Sales and marketing ​ 3,252 ​ 2,517 Research and development ​ 4,613 ​ 3,614 Total ​ $ 13,979 ​ $ 11,752 ​

Consolidated Balance Sheet Co_2

Consolidated Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Consolidated Balance Sheet Components
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Raw materials inventory ​ $ 5,694 ​ $ 5,651 ​ Finished goods inventory ​ 5,977 ​ 2,930 ​ Work in progress ​ ​ 558 ​ ​ — ​ Total inventory ​ $ 12,229 ​ $ 8,581 ​
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Leasehold improvements ​ $ 14,654 ​ $ 14,196 ​ Furniture and equipment ​ ​ 12,288 ​ ​ 9,516 ​ Internal-use software ​ 4,106 ​ 3,221 ​ Instruments ​ 2,441 ​ 2,440 ​ Construction in process ​ 310 ​ 627 ​ Accumulated depreciation and amortization ​ (10,286) ​ (6,275) ​ Property and equipment, net ​ $ 23,513 ​ $ 23,725 ​

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value
Summary of the Company's cash equivalents and investments	The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 22,693 ​ $ — ​ $ — ​ $ 22,693 US Treasury securities and government agency bonds ​ Cash equivalents ​ ​ 20,986 ​ ​ 3 ​ ​ — ​ ​ 20,989 Commercial paper Short-term investments ​ 107,131 ​ ​ 100 ​ ​ (1) ​ 107,230 US Treasury securities and government agency bonds Short-term investments ​ 14,651 ​ ​ 28 ​ ​ (6) ​ 14,673 US Treasury securities and government agency bonds Long-term investments ​ 42,938 ​ ​ 282 ​ ​ (2) ​ 43,218 Total cash equivalents and short-term investments ​ $ 208,399 ​ $ 413 ​ $ (9) ​ $ 208,803 ​ The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 5,742 ​ $ — ​ $ — ​ $ 5,742 Commercial paper Short-term investments ​ 172,741 ​ 156 ​ (236) ​ 172,661 Corporate debt Short-term investments ​ 5,792 ​ — ​ (43) ​ 5,749 US Treasury securities and government agency bonds ​ Short‑term investments ​ ​ 37,742 ​ ​ 5 ​ ​ (196) ​ ​ 37,551 Total cash equivalents and short-term investments ​ $ 222,017 ​ $ 161 ​ $ (475) ​ $ 221,703

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Schedule of Components of Income Tax Expense (Benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 Current provision (benefit): ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ — ​ ​ — Total current provision ​ ​ — ​ ​ — Deferred tax provision (benefit): ​ ​ ​ ​ ​ ​ Federal ​ ​ (8,752) ​ ​ (2,581) State ​ ​ (3,542) ​ ​ (659) Change in valuation allowance ​ ​ 12,294 ​ ​ 3,240 Total deferred provision ​ ​ — ​ ​ — Total provision (benefit) for income taxes ​ $ — ​ $ —
Schedule of Net deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 22,472 ​ $ 22,298 Research and development credits ​ 8,144 ​ 3,733 Stock-based compensation ​ 9,158 ​ 5,649 Deferred revenue ​ 1,517 ​ 1,808 Lease liability ​ 5,313 ​ 4,135 Tenant incentive ​ ​ 1,528 ​ ​ 1,330 Accruals and other ​ 2,092 ​ 1,250 Deferred tax liabilities: ​ ​ ​ ROU asset ​ (3,187) ​ (2,532) Depreciation ​ (1,396) ​ (4,605) ​ ​ 45,641 ​ 33,066 Valuation allowance ​ (45,641) ​ (33,066) Net deferred tax assets ​ $ — ​ $ —
Schedule of Income tax expense reconciled to the tax computed at statutory rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 2022 Federal income taxes (benefit) at statutory rates ​ $ (7,964) ​ $ (4,950) ​ State income taxes (benefit), net of Federal benefit ​ (2,901) ​ (968) ​ Excess tax benefits ​ (610) ​ (562) ​ Permanent differences, rate changes and other ​ (819) ​ 3,240 ​ Change in valuation allowance ​ 12,294 ​ 3,240 ​ Total Income Tax Expense ​ $ — ​ $ — ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies.
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 Operating lease cost ​ $ 1,620 ​ $ 1,624 Short-term lease cost ​ 39 ​ 47 Variable lease cost ​ 983 ​ 530 Total lease cost ​ $ 2,642 ​ $ 2,201
Schedule of operating lease assets, liabilities and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of December 31, ​ 2023 2022 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 11,241 ​ $ 9,853 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 774 ​ $ 157 Operating lease liabilities, net of current portion ​ 17,969 ​ 15,938 Total operating lease liabilities ​ $ 18,743 ​ $ 16,095 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 11.7 ​ ​ 12.7 Weighted-average incremental borrowing rate ​ ​ 7.0% ​ ​ 6.5%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ 2024 ​ $ 1,927 2025 ​ 2,171 2026 ​ ​ 2,225 2027 ​ ​ 2,281 2028 ​ ​ 2,338 2029 and thereafter ​ ​ 17,156 Total undiscounted lease payments ​ ​ 28,098 Discount factor ​ (9,355) Present value of lease liabilities ​ $ 18,743

Organization and Description _2

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	Aug. 03, 2021 USD ($) $ / shares shares
IPO
Product Information [Line Items]
Shares issued | shares	15,525,000
Share price | $ / shares	$ 13
Gross proceeds	$ 201,825
Net proceeds	184,268
Payment of underwriting commissions and offering costs	$ 17,557
Underwriter's option
Product Information [Line Items]
Shares issued | shares	2,025,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2023 customer item	Dec. 31, 2022 customer item
Revenue. | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers	1	1
Concentration risk percentage	30%	23%
Accounts receivable | Customer concentration risk | Three Customers
Concentration Risk [Line Items]
Number of major customers	3
Concentration risk percentage	38%
Accounts receivable | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers		1
Concentration risk percentage		14%
Inventory | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	56%	34%
Number of major suppliers | item	1	1
Accounts payable | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage		34%
Number of major suppliers | item		2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (84)	$ (79)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable
Allowance for accounts receivable	$ 130	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Impairment	$ 0	$ 0
Office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Instruments
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Expected dividend yield	0%
Employee Stock Purchase Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Expected volatility, minimum	57%
Expected volatility, maximum	60%
Risk-free interest rate, minimum	5.36%
Risk-free interest rate, maximum	5.43%
Expected term (in years)	6 months
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Expected volatility, minimum	44%	44%
Expected volatility, maximum	56%	58%
Risk-free interest rate, minimum	3.30%	1.90%
Risk-free interest rate, maximum	4.60%	4%
Expected term (in years)		6 years
Options term	6 years
Vesting period	4 years
Employee Stock Option [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Expected term (in years)	4 years
Employee Stock Option [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Expected term (in years)	6 years
Options term	10 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Income Taxes (Details) - Federal $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 88.9
Net operating loss carry forward subject to expiration, Federal	$ 32.7

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	16.7	15

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 19,497	$ 28,748
Revenue from Lease Elements	21,791	15,513
Total Revenue	41,288	44,261
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,600	27,730
Total Revenue	18,600	27,730
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	897	1,018
Total Revenue	$ 897	$ 1,018

Revenue - Changes in deferred r

Revenue - Changes in deferred revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 5,352	$ 7,036	$ 7,197
Revenue recognized	6,507	6,738
Current period deferrals, net of amounts recognized in the current period	$ 4,823	$ 6,577

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 368
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 85
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 81
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 39
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 21
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 142
Remaining performance obligation expects to recognize as revenue	0 years

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 03, 2021	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares issued - Employee Stock Purchase Plan		82,423
Proceeds from issuance of RSUs and shares related to ESPP		$ 269
Stock option exercised, shares issued		1,192,784	1,195,208
Preferred stock, authorized (in shares)		5,000,000	5,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0
IPO
Class of Stock [Line Items]
Shares issued	15,525,000
Employee Stock Option [Member]
Class of Stock [Line Items]
Gross proceeds		$ 1,874	$ 2,888
Stock option exercised, shares issued		1,192,784	1,195,208
RSUs
Class of Stock [Line Items]
Shares issued		288,550

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)		12 Months Ended
	Jun. 22, 2023	Dec. 31, 2023	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Granted (in shares)		2,713,395	4,408,400
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Options term		6 years
Employee Stock Option [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Options term		10 years
Long-Term Incentive Plan , 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Weighted-average fair value of the options granted		$ 2.05	$ 3.48
Unrecognized compensation expense		$ 18,931
Unrecognized compensation expense, recognition period		2 years
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Number of awards reserved (in shares)			818,400		2,500,000
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued				3,692,397
New shares				1,928,000
Shares available that were transferred from the 2016 Plan				1,764,397
Additional shares for issuance	6,069,000
2022 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Weighted Average Grant Date Fair Value, Granted (in dollars per share)		$ 4.21	$ 5.56
Unrecognized compensation expense, recognition period		2 years 9 months 18 days

Stockholders' Equity - Stock op

Stockholders' Equity - Stock option activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Outstanding at beginning of period (in shares)	14,361,092	12,433,739
Granted (in shares)	2,713,395	4,408,400
Exercised (in shares)	(1,192,784)	(1,195,208)
Forfeited (in shares)	(460,390)	(1,285,839)
Expired (in shares)	(3,327)
Outstanding at end period (in shares)	15,417,986	14,361,092	12,433,739
Exercisable (in shares)	9,638,499
Weighted Average Exercise Price
Weighted Average Exercise Price per Share Outstanding at beginning period (in dollars per share)	$ 5.94	$ 6.03
Weighted Average Exercise Price per Share Granted (in dollars per share)	4.36	6.45
Weighted Average Exercise Price per Share Exercised (in dollars per share)	1.58	2.38
Weighted Average Exercise Price per Share Forfeited (in dollars per share)	9.18	7.31
Weighted Average Exercise Price per Share Expired (in dollars per share)	6.46
Weighted Average Exercise Price per Share Outstanding at end of period (in dollars per share)	5.90	$ 5.94	$ 6.03
Weighted Average Exercise Price per Share Exercisable (in dollars per share)	$ 5.42
Weighted Average Remaining Contractual Contractual Life (in years)
Weighted Average Remaining Contractual Life Outstanding (in Years)	6 years 10 months 24 days	7 years 2 months 12 days	7 years 6 months
Exercisable (Weighted Average Remaining Contractual Term (in Years)	5 years 10 months 24 days
Aggregate Intrinsic Value.
Aggregate Intrinsic Value Outstanding	$ 23,825	$ 66,547
Aggregate Intrinsic Value, Exercised	4,106	4,163
Aggregate Intrinsic Value Outstanding	15,854	$ 23,825	$ 66,547
Aggregate Intrinsic Value, Exercisable	$ 14,511

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of RSU Activity (Details) - RSUs - 2022 Plan - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of RSUs
Outstanding at the beginning of the period (in shares)	643,600
Granted (in shares)	1,043,150	662,900
Vested and released (in shares)	(288,550)
Forfeited (in shares)	(102,020)	(19,300)
Outstanding at the end of the period (in shares)	1,296,180	643,600
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding at the beginning of the period (in dollars per share)	$ 5.57
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	4.21	$ 5.56
Weighted Average Grant Date Fair Value, Vested and released, (in dollars per shares)	5.48
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	4.70	5.39
Weighted Average Grant Date Fair Value, Outstanding at the end of the period (in dollars per share)	$ 4.57	$ 5.57
Additional Information
Weighted Average Remaining Contractual Life (in years)	2 years 9 months 18 days	3 years 2 months 12 days
Number of shares to be issued for each unit		1
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 4,589
Unrecognized compensation expense, recognition period	2 years 9 months 18 days

Stockholders' Equity - Employee

Stockholders' Equity - Employee Stock Purchase Plan (Details) $ in Thousands		12 Months Ended
	May 08, 2023 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Stockholders' Equity
Expected dividend yield		0%
Stock-based compensation expense		$ 13,979	$ 11,752
Employee Stock Purchase Plan 2021
Stockholders' Equity
Offering term (in months)	24 months
Number of purchase periods | item	4
Purchase period (in months)	6 months
Purchase price of common stock expressed as a percentage	85%
Stock-based compensation expense		127
Unrecognized compensation expense		$ 81
Unrecognized compensation expense, recognition period		4 months 24 days
Employee Stock Purchase Plan 2021 | Maximum
Stockholders' Equity
Maximum amount of employee's earnings to purchase shares (as a percent)	15%

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 13,979	$ 11,752
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,114	5,621
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,252	2,517
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,613	$ 3,614

Consolidated Balance Sheet Co_3

Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheet Components
Raw materials inventory	$ 5,694	$ 5,651
Finished goods inventory	5,977	2,930
Work in progress	558
Total inventory	12,229	8,581
Allowance for obsolescence	$ 697	$ 0

Consolidated Balance Sheet Co_4

Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, Net
Accumulated depreciation and amortization	$ (10,286)	$ (6,275)
Property and equipment, net	23,513	23,725
Transfer of instruments	189	265
Depreciation and amortization	4,171	2,698
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,654	14,196
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	12,288	9,516
Internal-use software
Property and equipment, Net
Property and equipment, gross	4,106	3,221
Instruments
Property and equipment, Net
Property and equipment, gross	2,441	2,440
Construction in process
Property and equipment, Net
Property and equipment, gross	$ 310	$ 627

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 46,506	$ 11,065
Non-recurring basis
Cash and Cash Equivalents [Line Items]
Amortized cost	208,399	222,017
Gross unrecognized holding gains	413	161
Gross unrecognized holding losses	(9)	(475)
Aggregate fair value	208,803	221,703
Non-recurring basis | Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	22,693	5,742
Aggregate fair value	22,693	5,742
Non-recurring basis | Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost		172,741
Gross unrecognized holding gains		156
Gross unrecognized holding gains	100
Aggregate fair value		172,661
Amortized cost	107,131
Gross unrecognized holding losses	(1)	(236)
Aggregate fair value	107,230
Non-recurring basis | Corporate debt
Cash and Cash Equivalents [Line Items]
Amortized cost		5,792
Gross unrecognized holding losses		(43)
Aggregate fair value		5,749
Non-recurring basis | US Treasury securities and government agency bonds, Short Term Investments
Cash and Cash Equivalents [Line Items]
Gross unrecognized holding gains	28
Amortized cost	14,651	37,742
Gross unrecognized holding gains		5
Gross unrecognized holding losses	(6)	(196)
Aggregate fair value	14,673	$ 37,551
Non-recurring basis | US Treasury securities and government agency bonds, Long Term Investments
Cash and Cash Equivalents [Line Items]
Gross unrecognized holding gains	282
Amortized cost	42,938
Gross unrecognized holding losses	(2)
Aggregate fair value	43,218
Non-recurring basis | US Treasury securities and government agency bonds
Cash and Cash Equivalents [Line Items]
Amortized cost	20,986
Gross unrecognized holding gains	3
Aggregate fair value	$ 20,989

Income Taxes - Provision (Benef

Income Taxes - Provision (Benefit) for Income Tax (Details) (Imported) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax provision (benefit):
Federal	$ (8,752)	$ (2,581)
State	(3,542)	(659)
Change in valuation allowance	12,294	3,240
Provision for income taxes

Income Taxes - Net deferred tax

Income Taxes - Net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 22,472	$ 22,298
Research and development credits	8,144	3,733
Stock-based compensation	9,158	5,649
Deferred revenue	1,517	1,808
Lease liability	5,313	4,135
Tenant incentive	1,528	1,330
Accruals and other	2,092	1,250
Deferred tax liabilities:
ROU asset	(3,187)	(2,532)
Depreciation	(1,396)	(4,605)
Gross deferred tax assets and liabilities	45,641	33,066
Valuation allowance	(45,641)	$ (33,066)
Federal
Deferred tax liabilities:
Net operating loss carry forward subject to expiration, Federal	$ 32,700

Income Taxes - Income tax expen

Income Taxes - Income tax expense reconciled (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Federal income taxes (benefit) at statutory rates	$ (7,964)	$ (4,950)
State income taxes (benefit), net of Federal benefit	(2,901)	(968)
Excess tax benefits	(610)	(562)
Permanent differences, rate changes and other	(819)	3,240
Change in valuation allowance	12,294	3,240
Provision for income taxes
Capitalized R&D expenses	$ 19,204	$ 15,433

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Commitments and Contingencies
General and administrative	$ 30,068	$ 25,829
Right-of-use asset - operating leases	11,241	9,853
Lease liabilities	18,743
Incremental non-cancellable lease payments	28,098
Director | Lease Agreement
Commitments and Contingencies
General and administrative		$ 296
Selling, General, and Administrative Expenses, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember
New Office and Manufacturing Space
Commitments and Contingencies
Lease rent payments	$ 1,293	$ 622
Annual increases in base rent (as percentage)	3%
Incremental non-cancellable lease payments	$ 29,600
Tenant improvement allowance		$ 6,300
Number of options to extend lease | item	3
Renewal term	5 years
Phase I
Commitments and Contingencies
Monthly base lease payments	$ 66
Phase II
Commitments and Contingencies
Monthly base lease payments	72
Phase III
Commitments and Contingencies
Monthly base lease payments	$ 32

Commitments and Contingencies_2

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease costs
Operating lease cost	$ 1,620	$ 1,624
Short-term lease cost	39	47
Variable lease cost	983	530
Total lease cost	2,642	2,201
Assets:
Operating lease right-of-use assets	11,241	9,853
Liabilities
Current portion of operating lease liabilities	774	157
Operating lease liabilities, net of current portion	17,969	15,938
Total operating lease liabilities	$ 18,743	$ 16,095
Other information
Weighted-average remaining lease term (in years)	11 years 8 months 12 days	12 years 8 months 12 days
Weighted-average incremental borrowing rate	7%	6.50%

Commitments and Contingencies_3

Commitments and Contingencies - Maturities of lease liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturities of operating lease liabilities
2024	$ 1,927
2025	2,171
2026	2,225
2027	2,281
2028	2,338
2029 and thereafter	17,156
Total undiscounted lease payments	28,098
Discount factor	(9,355)
Present value of lease liabilities	$ 18,743

Commitments and Contingencies_4

Commitments and Contingencies - Retirement Plan and Purchase Commitments (Details) - 401(k) Retirement Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Plan
Employer match of employee contribution (as a percent)	50%
Employer matching contributions	$ 867	$ 723
Maximum
Retirement Plan
Maximum contribution of employees' eligible compensation (as a percent)	5%

Commitments and Contingencies_5

Commitments and Contingencies - Consulting Agreement (Details) - Director - Consulting Agreement $ in Thousands	Jan. 01, 2024 USD ($)
Consulting agreement
Accounts Payable, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember
Maximum
Consulting agreement
Accounts payable	$ 150

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (37,923)	$ (23,571)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false